You’ve applied for a business loan before. And you were turned down. So, now you’re under the impression that there’s simply no way for you to attain the money you need to grow your business. You have plans. You’d like to renovate, or maybe you’d like to launch a clever new advertising campaign. You may have new equipment you need to buy or perhaps you’re thinking of expansion.
Well, a merchant cash advance has become the ideal solution when banks turn down business owners for loans. You may be wondering how such a solution exists when a bank doesn’t think you’re worthy of receiving the money you need for your business. It’s because merchant cash advances follow a completely different set of criteria for approval!
First, let’s take a look at why a bank may have denied your approval for a loan. In most cases, there is an issue with your credit history or you don’t have enough collateral. You may have been unprepared and didn’t draw up a specific business plan to show what you intended on doing with the money you received. Perhaps, you couldn’t prove that you had enough of a cash flow to keep your business going.
With a merchant cash advance, none of the above mentioned criteria come into play. Instead, your credit card and debit card sales amounts are considered. When business owners apply for Canadian POS Corporation’s merchant cash advance program, all we request are a few monthly statements that will help us to determine your average monthly sales by way of credit cards and debit cards. We are then able to come up with an offer – which is a payment for your future sales.
By having Canadian POS Corporation pay you for the credit card and debit card sales you haven’t made yet, you’ve effectively received an advance on that money. When we review your sales and make you an offer, you’re essentially getting a free, no obligation quote. You’re not required to take the money we offer you, but it is available for a one-time fee. If you do take the advance, the amount you have to pay back is the total advance amount plus that one-time fee.
That is determined by a number of factors, but most notably depends on the amount of the advance you take. You’ll notice that the way we’ve described our program sounds more like a purchase transaction than it does a loan. And that’s because that’s exactly what it is! Because we are paying you for future sales, you’re not borrowing any money. And that’s why you don’t have to worry about credit checks, collateral, business plans and cash flow issues.
One of the greatest aspects of our merchant cash advance program is that it enables you to get your hands on money fast! We’re talking about 24 hours fast! Even for business owners who are fortunate enough to get approved for loans, the processes by which they are funded are generally long ones. If you’re looking to get a quick infusion of cash into your business, a merchant cash advance is right for you!
For more information, call Canadian POS Corporation at 1-877-748-2884 or email us at email@example.com.